Board Meeting Amended 2018-2019 Budget February 25, 2019

Relevant Board Policy 3100 Budget Adoption Budget revisions will be presented for Board action as necessary, but not less than twice a year, in February and June. Relevant Board Policy

Amended FY18-19 General Fund Budget Revenues Overall upward amendment to revenue is $2.86 million. Tuition & Fees State Appropriations Grants & Other ($535,000); PPT stabilization and UAAL payments from State less than anticipated, offset by an increase in other state aid. $807,000; enrollment & contact hours better than anticipated $2.5 million; Jana Robinson Trust and grant performance funding.

Amended FY18-19 General Fund Budget Expenditures Overall upward amendment to expenses is $2.38 million. Salaries & Fringe Benefits Contracted Services Operations & Communications ($653,000) net decrease; Reduction in salaries from open positions offset by increase in fringe benefits $1 million; use of contracted services while conducting searches and an increase in professional fees $1.8 million; Jana Robinson Trust transfer and WFD budgets (offset by revenue)

Amended FY18-19 General Fund Budget Summary 17-18 Audited Actuals 18-19 Original Budget 18-19 Amended Budget Revenues $ 76,357,514 $ 76,061,068 $ 78,925,328 Expenditures 76,037,501 75,811,068 78,191,710 Excess (Deficit) Revenues Over Expenditures 320,013 250,000 733,618 Budgeted Increase in Net Assets Final Surplus 70,013 - 483,618 Net Assets Beginning 7,245,583 7,502,687 7,565,597 Net Assets Ending 7,565,596 7,752,687 8,299,215 Net Asset Percent 9.95% 10.23% 10.61%

Questions or Comments? Larry Gawthrop, CFO (810) 762-0525 larry.gawthrop@mcc.edu